Financial giant Western Union has made an offer to purchase cross-border payments service MoneyGram according to Bloomberg.
Western Union could be buying MoneyGram cross-border payment company.
The payments giant recently made a takeover offer for MoneyGram according to an article on Bloomberg published on June 1. If successful, this will put together the two biggest money-transfer firms in the U.S.
Pandemic during ups and downs
Lockdowns and shelter-in-place orders in response to coronavirus have closed several US-wide companies, including MoneyGram's local branches.
The number of digital transactions has increased as people stay at home, but in the first quarter, according to Bloomberg, they accounted for just 18 per cent of their money transfers. Despite partnering with Ripple in 2019 for cross-border payments foreign exchange settlements, MoneyGram reported a “quiet” first quarter for 2020.
MoneyGram has a market value of around $155 million, with Western Union valued at around $8.2b.
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